The population of IL is, what, about 13,000,000? And of those, let’s be generous, and say that 7,000,000 of them actually pay taxes. (Not likely.) So, the debt for this ONE item in IL is approximately $21,000 per taxpayer. Right now. Or $63,000 for a 3-person household that pays taxes. That is just for this one item, for this one state. This cannot turn out well.
“That is just for this one item, for this one state. This cannot turn out well.”
It certainly isn’t working out well in CA, NJ, or NY; anyone thinking of setting up shop there (whether as a company or a taxpaying family) has been forewarned: You are buying into our debt trap; if you buy a home it will steadily bleed value as 1) the taxes rise to deal with the debt, or 2) the taxes cannot rise enough to deal with it, so services stop and you end up living in a $500K home on a street that looks like Mogadishu’s main drag.